The Bank of Finland has announced its intention to integrate a digital euro (CBDC) into the national financial infrastructure. According to a member of the Bank of Finland’s board of directors, Tuomas Välimäki, the digital currency will be an efficient means of payment on par with other forms of money.

This decision aligns with the plans of the European Central Bank, which has initiated a two-year preparation process for the release of the digital euro. During this period, regulatory frameworks and technical solutions for CBDC will be developed. Finland’s move is part of a broader initiative initiated by European countries. Many central banks in the European Union have expressed their support for the ECB’s project.

Gabriel Makhlouf, the Governor of the Central Bank of Ireland, noted as early as 2021 that, unlike Bitcoin, which is known for its volatility, the digital euro will be a stable digital currency pegged to the euro. This promises to make CBDC a more reliable means of payment and savings for citizens and businesses.

The digital future of CBDC

As a result, the adoption of CBDC is gaining increasing support from regulators. Central bank digital currencies have the potential to significantly reshape the retail payment system in Europe in the coming years.

Finland’s decision to integrate the digital euro into its payment system and the participation of other European Union countries in this initiative underline a serious interest in the development of digital currencies among central banks. These steps could have a positive impact on the financial infrastructure and long-term stability of the European economy.

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